5 Bottom-Line ROI Benefits of Building Referral Networks

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If your priority is to build wealth, increase ROI, and keep a steady flow of quality renters on deck, then referral networks will offer the benefits you need. Most of the time, people assume networking is just handing out business cards or socializing at various business events. But in reality, especially for rental property owners, building and leveraging referral networks is entirely different. Today, we’ll tell you what you can do to build yours and explain the various benefits of having a healthy referral network in place.

1. Real Estate Auctions & Events Build Realtor Networks

Taking the time to attend real estate auctions and local real estate events will help you make connections with real estate professionals. Because potential renters often reach out to realtors for referrals, having your information on hand will prove beneficial to your bottom line. Build working referral relationships with the professionals at these events so they know who to refer to when the time comes. Realtors can also be helpful to you in finding additional properties to buy, adding to your portfolio.

2. Landlord Association Meetings

Finding a REIA group or landlord association is a great step toward building a quality referral network. Connecting with like-minded investor professionals who share the same goals and challenges will help you keep your eye on the prize. You can share ideas to overcome similar obstacles and even avoid problem tenants within the same area. Building your business, along with other investors building their businesses, will ensure everyone continues to experience growth and learning.

3. Chamber of Commerce & Tourism Boards

As a Tampa area rental property owner, you should make connections with the directors, board members, and acting participants within the local Chambers of Commerce and Tourism groups. When new city residents move to town, they often check with these types of organizations first to find resources regarding employment, schools, and rental opportunities. Building a referral network that includes these key contacts will ensure your contact information is readily available for new-to-the-area people.

4. Digital Referral Networks

In-person relationship building is the heart of any referral network. But it doesn’t always have to be in-person connections. Develop and build your online referral network using social media and digital channels. Be visible, in a conversational way, and offer regular tips and advice to your renting community online. You can then ask for referrals or promote vacancies to a captive audience of people who can be great referral sources for you.

5. Referral Networks Require Giving

The key metric to building a successful referral network lies in your ability to be a giver. People within your circles will be eager to help only if you’ve first demonstrated your willingness to help them. So, look at your strengths as a businessperson and be open about helping those in your network. The more you offer, the more you can prepare to receive. Help others get what they want, and you’ll inadvertently be grooming them to provide what you need.

If you’re not building a referral network for your rental property business, you’re likely missing out on valuable leads and opportunities. Incorporate a few of these referral best practices to get started. And if you need more help growing your presence, let us help! We can help you establish your network and generate the wealth, leads, and ROI you want.

It’s our ongoing priority to keep Tampa rental property owners in the loop regarding the latest investment management news in the area. Explore even more insights by signing up for our free webinar, where we discuss How to Streamline Your Rental Portfolio for Maximum Growth. It’s a topic discussion you don’t want to miss!

Feel free to join the ongoing conversations, as well, with like-minded property owners in our Facebook group. Discuss tips and exchange fresh ideas with other savvy investors. And if you need more customized advice specific to your investment strategy, add a meeting time to my calendar, and let’s connect!